On Wednesday, the IRB Infrastructure Developers board approved the split of the existing shareholding into 10 shares at face value of Rs 10 each, with a face value of Re 1 each. Chairman and managing director Virendra Mhaiskar said the company was nearly 25 years old and had been a public company for 15 years, hence the decision to implement a stock split.

The company has made remarkable strides over these 25 years as a responsible business, generating over Rs 60,000 crore of toll road assets and considerable shareholder wealth. “In the spirit of further rewarding and accommodating minority shareholders in the company’s value-add journey, we believe it is necessary to conduct a stock split that allows for considerable participation from this segment of investors,” the company said.

The company will now initiate shareholder approval and a regulatory nod to make the stock split effective for stock exchange trading, the IRB said in a release.

IRB Infra holds about 20% of the Golden Quadrilateral project, India’s largest private infrastructure developer. Following the successful completion and handover of 13 concessions to nodal agencies, IIRB Group’s project portfolio (including private and public InvIT) has 22 road projects comprising 17 BOT, 1 TOT and 4 HAM projects.